Core Viewpoint - Jiangxi Copper (600362) shares rose over 4%, reaching a new high of 28.18 HKD, driven by industry developments and company fundamentals [1] Industry Summary - The China Nonferrous Metals Industry Association Copper Branch held its fifth meeting on September 24, emphasizing the negative impact of "involution" competition in the copper smelting industry, which harms national and industry interests [1] - The global second-largest copper mine, Grasberg in Indonesia, announced a force majeure and halted production due to a landslide [1] Company Summary - Jiangxi Copper possesses abundant copper resources and clear cost advantages, with stable annual production of copper and by-product gold, providing a solid profit foundation [1] - Future overseas resource expansion may yield potential growth, with the company's stake in the First Quantum Panama copper mine expected to resume production, and the Afghan Aynak copper mine development anticipated to progress [1] - The company's stake in the Kazakhstan Bakuta tungsten mine is steadily increasing production, with these potential projects expected to contribute significantly to performance growth [1]

方正证券指出，江西铜业自有铜矿资源量丰富，成本优势明确，自产铜及副产金年产量稳定，为公司提 供了坚实的利润基础。未来公司海外资源布局或带来潜在增量，公司参股的第一量子巴拿马铜矿有望复 产，参股的阿富汗艾娜克铜矿有望推进开发，参股的哈萨克斯坦巴库塔钨矿产量稳步提升，以上潜在增 量项目预计为公司带来强劲的业绩增长来源。 智通财经APP获悉，江西铜业股份(00358)涨超4%，高见28.18港元创新高。截至发稿，涨4.04%，报27.8 港元，成交额2.32亿港元。 消息面上，中国有色金属工业协会铜业分会第三届理事会第五次会议9月24日在河北雄安新区召开中国 有色金属工业协会副会长陈学森在总结讲话中强调，铜冶炼行业"内卷式"竞争对行业影响大，损害了国 家和行业利益，与高质量发展导向存在偏差，铜行业企业要坚决反对铜冶炼行业"内卷式"竞争。另外， 此前，全球第二大铜矿——印尼格拉斯伯格矿区因泥石流事故宣布"不可抗力"而停产。 ...

9月25日，有色金属板块大涨，精艺股份（002295）涨停，北方铜业（000737）、洛阳钼业（603993）等多只铜业股涨幅靠前。 有色10股涨幅翻倍 A股有色金属板块年内表现强势。截至9月24日收盘，申万一级有色金属板块累计大涨53.46%。 个股方面，在不考虑年内上市新股的情况下，截至9月24日收盘，有色金属板块中有103股年内涨超20%，59股涨超50%，10股翻倍。其中中洲特材 （300963）成有色金属板块的"涨幅王"，年内涨幅达191.04%，西部黄金（601069）累涨170.49%紧随其后，招金黄金（000506）累涨152.64%排第三。 狂飙的铜价还能涨多久 | | 有色金属 | | | | | --- | --- | --- | --- | --- | | | 7444.12 1.82% | | | | | 新闻 成分股 | 其金 | 资金 | 简况(F10) | 盘口 | | 洛阳钼业 | 13.87 | | 9.90% | 89.28亿 | | 融 603993 | | | | | | 最终涨停14:54 | | | | | | 铜陵有色 | 4.66 | | 8.12% | 35 ...

Group 1: Market Performance - The non-ferrous metal sector experienced a significant surge on September 25, with stocks like Jingyi Co., Northern Copper, and Luoyang Molybdenum seeing substantial gains [1][3] - As of September 24, the non-ferrous metal sector in A-shares has risen by 53.46% year-to-date [5] - Within the sector, 103 stocks have increased by over 20%, 59 by over 50%, and 10 have doubled in value this year, with Zhongzhou Special Materials leading at a 191.04% increase [6] Group 2: Copper Price Dynamics - The copper price has been influenced by a significant incident at Freeport McMoRan's Grasberg mine, which is expected to reduce copper and gold production by 35% in 2026 [10] - Following the incident, global copper prices surged, with LME copper reaching a high of $10,364 per ton, the highest since June 2024 [13] - Domestic copper futures also rose, nearing 83,000 yuan per ton, marking a 15-month high [13] Group 3: Demand Drivers - The demand for copper is expected to remain strong due to the growth in new industries such as electric vehicles, robotics, and AI computing [13] - In August, China's automobile production and sales reached 2.815 million and 2.857 million units, respectively, with significant year-on-year growth [13] - The total copper consumption in the automotive sector is estimated at 91,112 tons, with passenger vehicles accounting for 74,560 tons [13]

重要提示 （一） 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、 完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 （二） 全體董事均出席批准（其中包括）報告期之中期業績之董事會會議。 （三） 本集團之中期財務報告未經審計，但按國際財務報告準則編製的中期財務資料已經安永會計師 事務所審閱並經審計委員會審閱通過。 （四） 公司負責人鄭高清、主管會計工作負責人喻旻昕及會計機構負責人（會計主管人員）鮑嘯鳴聲明： 保證半年度報告中財務報告的真實、準確、完整。 （五） 董事會決議通過的報告期利潤分配預案或公積金轉增股本預案：董事會已建議向全體股東派發 二零二五年中期股息，每股人民幣0.40元（含稅）。董事會未建議用資本公積金轉增資本或送股。 （六） 前瞻性陳述的風險聲明：本半年度報告中所涉及的未來計劃、發展戰略等前瞻性描述不構成公 司對投資者的實質承諾，敬請投資者注意投資風險。 （七） 本集團不存在被控股股東及其他關連方非經營性佔用資金情況。 （八） 本集團不存在違反規定決策程序對外提供擔保的情況。 目錄 | 釋義 | 2 | | --- | --- | | ...

Group 1 - The industrial metal sector increased by 3.55% on September 25, with Jingyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the industrial metal sector showed significant price increases, with Jingyi Co., Ltd. rising by 10.02% to a closing price of 13.50 [1] Group 2 - The industrial metal sector saw a net inflow of 713 million yuan from main funds, while retail investors experienced a net outflow of 184 million yuan [2] - Major stocks like Luoyang Aluminum and Northern Copper experienced varying levels of net inflow and outflow from different investor categories [3] - The data indicates a mixed sentiment among retail and institutional investors within the industrial metal sector [3]

上周，美联储时隔九个月重启降息。美联储宣布下调利率 25bp，幅度和节奏大体符合市场预期。点阵 图显示，2025 年可能还有两次降息，2026 年、2027 年各一次。高盛也因此维持了年内再降两次的判 断，并认为这次降息可能意味着新一轮宽松周期的开启。 虽然幅度有限，但这次"预防式"降息确实释放了宽松与托底信号，对有色板块形成了实质支撑。其传导 主要体现在三方面： 第一，交易层面。绝大多数有色金属（如铜、铝、锌等）以美元计价，而美联储降息通常会压低美元， 提升金属的相对吸引力，从而刺激采购需求并推高金属价格。 第二，资金层面。美联储降息往往意味着全球流动性环境进一步宽松，美元资产收益率下行，会推高风 险偏好。这种时候，弹性更高、与经济周期关系紧密的大宗商品，往往会成为资金追逐的目标。对于周 期属性明显的有色板块，资金面改善往往能直接带来估值修复。 第三，需求层面。降息有助于全球经济温和复苏，对基建、制造业和消费形成托底，铜、铝、锌等工业 金属的需求有望随之回暖。同时，融资成本下降也利好新能源车、储能、电网改造等资本密集型产业， 从而强化了铜、镍、稀土等战略金属的长期逻辑。 另外，从供需两端看，当前大部分有色金 ...

9月25日，港A两市铜金属概念股再度全线大涨，市场交投氛围活跃。 截至发稿前，港股方面，中国有色矿业（01258.HK）大涨11.9%，五矿资源（01208.HK）涨9.93%，江西铜业股份（00358.HK）涨8.71%，中国黄金国际 （02099.HK）涨4.82%。 A股市场，相关概念股同步冲高。洛阳钼业（603993.SH）涨停，北方铜业（000737.SZ）涨8.77%，铜陵有色（000630.SZ）大涨9.28%，江西铜业 （600362.SH）、云南铜业（000878.SZ）也分别上涨7.08%、4.22%。 期货市场亦"涨声一片"。9月25日，国际铜、沪铜、COMEX铜等期货主力合约几乎全线拉升。其中，沪铜期货主力一度触及82920元/吨高点，创2024年6月 以来新高，截至发稿前，涨幅为3.28%，报82610元/吨。 今日行情的直接导火索——全球第二大铜矿发生事故导致停产，点燃了市场对铜供应短缺的忧虑，并推动铜价大幅飙升。 2025年9月8日，美国矿业巨头Freeport-McMoRan（麦克莫兰铜金）(FCX.US)位于印尼的Grasberg矿山（全球第二大铜矿）发生致命泥石流事故，造成 ...

格隆汇9月25日｜港股市场有色金属概念股全线上涨，其中，中国大冶有色金属涨超12%，洛阳钼业(603993)涨超 11%创历史新高，江西铜业股份涨近8%，金力永磁(300748)涨超5%，紫金矿业(601899)涨超4%，赣锋锂业(002460) 涨超3%。 矿业公司Freeport McMoran宣布，对其位于印尼的格拉斯伯格(Grasberg)矿山的合同供应启动不可抗力，推动LME铜 期货隔夜一度升至一年多来的新高。澳新银行分析师在一份报告中表示，这一事件重新引发了市场对供应的担忧。 该矿山占全球铜供应量的3.2%，并占该公司铜总产量的70%以上。预计意外的供应中断将影响全球铜总产量的6%以 上。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可 靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com | 代码 | 名称 | 涨跌幅 V | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- ...

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]